Greystone Provides $13.9 Million in HUD-Insured Financing for Seniors Housing Property in Seattle, Washington
Greystone provided a $13.9 million HUD-insured loan to refinance an 80-unit seniors housing property in Seattle, WA. The transaction was originated by Greystone’s Shana Daby, Managing Director and Lorie Hanson, Relationship Manager, on behalf of Lake City Project Associates, LLC.
The non-recourse HUD 223 (a)(7) loan for $13,903,400 refinances the property at a low, fixed rate and 40-year term and amortization, resulting in a significant reduction in annual debt service payments. As green certified and energy efficient housing, the property also qualifies for a reduction in Mortgage Insurance Premium (MIP) of 40 basis points, from 65 to 25 basis points, annually.
Constructed in 2017, The Savoy at Lake City Senior Living is a four-story apartment building in North Seattle consisting of 80 one- and two-bedroom apartments that feature high ceilings, modern appliances and upgraded finishes, as well as in-unit laundry. Residents enjoy access to a community room and entertainment center, fitness center, on-site parking and outdoor amenities that include a rooftop patio firepit and picnic area, gazebo and community gardens. The property is located near Route 522 and Interstate 5, which offer access to greater Seattle’s local attractions, including Lake Forest Park, the Lake City Farmers Market and the Northgate Mall.
“Our clients trust us to bring them smart solutions so they can capitalize on the financial opportunities presented by a changing market,” said Ms. Daby. “Our expansive HUD lending platform and deep market expertise enable us to deliver the right terms – which, in this case meant significantly reducing annual debt service – and also, a best-in-class experience, both of which are hallmarks of every Greystone transaction.”
“We were thrilled that Shana, Lorie, and the Greystone team helped us access the benefits of qualifying for green MIP while also working to lower our overall debt service,” said Stephen Smith, Principal, Lake City Project Associates. “We couldn’t be happier with the end result, and we look forward to working with Greystone on our other portfolio properties.”